Grassley tells 'whoever keeps watch on' Trump to read up on Roaring '20s

Senate Finance Committee Chairman Chuck GrassleyCharles (Chuck) Ernest GrassleyGrassley tells ‘whoever keeps watch on’ Trump to read up on Roaring ’20s Five fights awaiting Congress in 2020 Five health care fights to watch in 2020 MORE (R-Iowa) on Thursday tweeted that “whoever keeps watch” on President TrumpDonald John TrumpIran foreign minister warns killing of general is ‘extremely dangerous and foolish escalation’ Congress reacts to U.S. assassination of Iranian general Trump tweets American flag amid reports of strike against Iranian general MORE at the White House should read a Wall Street Journal op-ed warning of the policy mistake of the 1920s that preceded the Great Depression.

Grassley took specific aim at Peter Navarro, the senior White House adviser behind Trump’s aggressive use of tariffs to negotiate with trading partners such as Canada, Mexico, China and the European Union.

“Whoever keeps watch on @realDonaldTrump at WH have the economist there especially Navarro read WSJ oped [sic] by Henninger,” Grassley tweeted, referring to a column penned by Daniel Henninger.

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Whoever keeps watch on @realDonaldTrump at WH have the economist there especially Navarro read WSJ oped by Henninger This is what I’ve been preaching to the President for two yrs./President wld benefit fr reading it / IN TURN USA BENEFITS

— ChuckGrassley (@ChuckGrassley) January 2, 2020

 

Henninger warned in his Dec. 31 piece of potential parallels to the booming 1920s, also known as the Roaring ’20s, when the nation witnessed spectacular economic growth, especially in the major cities, followed by the financial crash and nearly a decade of the Great Depression.

“In 1930, under Republican President Herbert Hoover, a Republican Congress passed the Smoot-Hawley tariff on imports, which walloped a world economy already in decline. Mr. Trump is the greatest lover of tariffs since Hoover, Smoot or Hawley,” he wrote.

Grassley tweeted that he has been trying to impart the same lesson to Trump since the president took office in 2017, switching to all capital letters to drive home his point.

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“This is what I’ve been preaching to the President for two yrs./President wld benefit fr reading it / IN TURN USA BENEFITS,” Grassley wrote.

Henninger, however, applauded Trump for hammering out the first phase of a deal to formalize trade with China, which will be signed Jan. 15 at the White House.

“As he starts his re-election campaign, Mr. Trump is putting Hoover behind him, preferring instead to run on Coolidge’s record of an expanding economy whose job and wage turbines are humming,” he wrote.

Former President Herbert Hoover signed the Smoot-Hawley Tariff into law in 1930. He was preceded by former President Calvin Coolidge, who served in the White House from 1923 until 1929. 

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